China Evergrande's former CEO, who Chinese regulators recently said was "uncontactable", has sold his home in Hong Kong at a loss of HK$74 million ($9.48 million) from the purchase price, according to a property agent. Xia Haijun last month sold a 2,834 net sq ft (263 sq m) five-bedroom duplex flat in North Point Mid-Levels district on Hong Kong island for HK$82 million, said Gary Lam, a senior sales director at real estate agency Centaline. Xia, who stepped down from the embattled Chinese developer in 2022 after an internal probe found he was involved in diverting loans worth $2 billion secured by unit Evergrande Property Services to the group, bought the flat from New World Development in 2019, according to records from the Land Registry.
EVERGRANDE PROPERTY SERVICES - GROUP EXPECTS INFLOW OF ECONOMIC BENEFITS FROM CHINA EVERGRANDE GROUP IS NOT VIRTUALLY CERTAIN . -March 27, 2024 at 08:01 am EDT
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A winding-up order against China Evergrande Group, one of the world’s most indebted property developers, sparked a rally in the rest of the sector amid hopes authorities will introduce easing measures for the remaining players.